Resale Home Prices Continue Rise In June

The Teranet-National Bank Composite Price Index showed resale prices rose 1.5 per cent in June from May, representing the largest monthly rise since last August and the 14th straight monthly increase.

Prices were up 13.6 per cent from a year earlier. Teranet said this was the third straight month that prices increased in all six metropolitan areas it surveyed.

The number of existing resale homes sold in July dropped 6.8 per cent,showing a cooling of the once hot housing markets across Canada.

The Teranet Housing index tracks home prices where properties with at least two home sales are recorded in comparison to the MLS price figures that include all resales.

Canada's June Housing Performance: 

• Ottawa up 2.7 per cent in price (from May)
• Toronto up 2.4 per cent
• Halifax up 1.3 per cent
• Montreal up 1.4 per cent
• Calgary up 0.2 per cent
• Vancouver up 0.8 per cent

The report concluded that the new HST that took effect in July, both on Ontario and British Columbia probably stimulated  home sales in Vancouver, Toronto and Ottawa.